CubeSmart 10-Q1 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 30, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	001-32324
Entity Registrant Name	CUBESMART
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1024732
Entity Address, Address Line One	5 Old Lancaster Rd. Malvern
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Title of 12(b) Security	Common Shares, $0.01 par value per share, of CubeSmart
Trading Symbol	CUBE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		226,153,290
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001298675
Amendment Flag	false
CubeSmart, L.P. and Subsidiaries
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	000-54462
Entity Registrant Name	CUBESMART, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1837021
Entity Address, Address Line One	5 Old Lancaster Rd.
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	535-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001300485
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Storage properties	$ 7,422,281	$ 7,367,613
Less: Accumulated depreciation	(1,544,603)	(1,416,377)
Storage properties, net	5,877,678	5,951,236
Cash and cash equivalents	43,507	6,526
Restricted cash	1,848	1,691
Loan procurement costs, net of amortization	3,048	3,995
Investment in real estate ventures, at equity	92,161	98,288
Other assets, net	174,173	163,284
Total assets	6,192,415	6,225,020
LIABILITIES AND EQUITY
Unsecured senior notes, net	2,779,596	2,776,490
Revolving credit facility		18,100
Mortgage loans and notes payable, net	94,788	128,186
Lease liabilities - finance leases	65,677	65,714
Accounts payable, accrued expenses and other liabilities	223,516	201,419
Distributions payable	116,420	115,820
Deferred revenue	39,786	38,483
Total liabilities	3,319,783	3,344,212
Noncontrolling interests in the Operating Partnership	66,330	60,276
Commitments and contingencies
Equity
Common shares $.01 par value, 400,000,000 shares authorized, 226,002,624 and 224,921,053 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	2,260	2,249
Additional paid-in capital	4,195,449	4,142,229
Accumulated other comprehensive loss	(351)	(411)
Accumulated deficit	(1,411,850)	(1,345,239)
Total CubeSmart shareholders' equity	2,785,508	2,798,828
Noncontrolling interests in subsidiaries	20,794	21,704
Total equity	2,806,302	2,820,532
Total liabilities and equity	$ 6,192,415	$ 6,225,020

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Storage properties	$ 5,877,678	$ 5,951,236
Cash and cash equivalents	$ 43,507	$ 6,526
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	400,000,000	400,000,000
Common shares, shares issued	226,002,624	224,921,053
Common shares, shares outstanding	226,002,624	224,921,053	224,859,021
VIE
Storage properties	$ 189,516	$ 180,615
Cash and cash equivalents	$ 1,856	$ 3,002

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental income	$ 230,954	$ 232,468	$ 682,935	$ 681,962
Total revenues	270,890	267,876	798,505	785,209
OPERATING EXPENSES
Property operating expenses	81,868	77,546	242,002	223,494
Depreciation and amortization	51,210	49,985	152,962	150,672
General and administrative	14,265	14,060	44,512	43,059
Total operating expenses	147,343	141,591	439,476	417,225
Interest:
Interest expense on loans	(22,750)	(23,204)	(68,436)	(70,439)
Loan procurement amortization expense	(986)	(1,030)	(3,031)	(3,111)
Equity in earnings of real estate ventures	418	1,141	1,688	4,482
Other	721	(119)	744	382
Total other expense	(22,597)	(23,212)	(69,035)	(68,686)
NET INCOME	100,950	103,073	289,994	299,298
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Net income attributable to noncontrolling interests in the Operating Partnership	(551)	(640)	(1,616)	(1,870)
Net loss attributable to noncontrolling interests in subsidiaries	398	212	910	662
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 100,797	$ 102,645	$ 289,288	$ 298,090
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.45	$ 0.46	$ 1.28	$ 1.32
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44	$ 0.45	$ 1.28	$ 1.32
Weighted average basic shares outstanding (in shares)	226,166	225,467	225,941	225,380
Weighted average diluted shares outstanding (in shares)	227,149	226,210	226,805	226,206
Other Property Related Income
REVENUES
Property related income	$ 29,268	$ 25,857	$ 84,542	$ 76,001
Property Management Fee Income
REVENUES
Property related income	$ 10,668	$ 9,551	$ 31,028	$ 27,246

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME	$ 100,950	$ 103,073	$ 289,994	$ 299,298
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20	60	60
OTHER COMPREHENSIVE INCOME:	20	20	60	60
COMPREHENSIVE INCOME	100,970	103,093	290,054	299,358
Comprehensive income attributable to noncontrolling interests in the Operating Partnership	(551)	(640)	(1,616)	(1,870)
Comprehensive loss attributable to noncontrolling interests in subsidiaries	398	212	910	662
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 100,817	$ 102,665	$ 289,348	$ 298,150

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Shareholders' Equity	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interest in Subsidiaries	Noncontrolling Interests in the Operating Partnership	Total
Balance at Dec. 31, 2022	$ 2,826,203	$ 2,246	$ 4,125,478	$ (491)	$ (1,301,030)	$ 14,178		$ 2,840,381
Balance (in shares) at Dec. 31, 2022		224,603
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2022							$ 57,419
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(107)		(107)
Issuance of common shares, net	(91)		(91)					(91)
Issuance of restricted shares (in shares)		22
Conversion from units to shares	361		361				(361)	361
Conversion from units to shares (in shares)		8
Exercise of stock options	915	$ 1	914					915
Exercise of stock options (in shares)		39
Amortization of restricted shares	1,171		1,171					1,171
Share compensation expense	730		730					730
Adjustment for noncontrolling interests in the Operating Partnership	(8,588)				(8,588)		8,588	(8,588)
Net income (loss)	97,566				97,566	(238)		97,328
Net income (loss)							614
Other comprehensive income (loss), net	20			20				20
Common share distributions	(110,524)				(110,524)		(695)	(110,524)
Balance at Mar. 31, 2023	2,807,763	$ 2,247	4,128,563	(471)	(1,322,576)	13,833		2,821,596
Balance (in shares) at Mar. 31, 2023		224,672
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2023							65,565
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interest in subsidiaries						797		797
Distributions paid to noncontrolling interest in subsidiaries						(54)		(54)
Issuance of common shares, net	(55)		(55)					(55)
Issuance of restricted shares (in shares)		20
Exercise of stock options	1,801	$ 1	1,800					1,801
Exercise of stock options (in shares)		105
Amortization of restricted shares	1,621		1,621					1,621
Share compensation expense	692		692					692
Adjustment for noncontrolling interests in the Operating Partnership	2,134				2,134		(2,134)	2,134
Net income (loss)	97,879				97,879	(212)		97,667
Net income (loss)							616
Other comprehensive income (loss), net	20			20				20
Common share distributions	(110,585)				(110,585)		(695)	(110,585)
Balance at Jun. 30, 2023	2,801,270	$ 2,248	4,132,621	(451)	(1,333,148)	14,364		2,815,634
Balance (in shares) at Jun. 30, 2023		224,797
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2023							63,352
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(89)		(89)
Issuance of common shares, net	(79)		(79)					(79)
Issuance of restricted shares (in shares)		4
Conversion from units to shares	2,413	$ 1	2,412				(2,413)	2,413
Conversion from units to shares (in shares)		58
Amortization of restricted shares	1,811		1,811					1,811
Share compensation expense	701		701					701
Adjustment for noncontrolling interests in the Operating Partnership	9,035				9,035		(9,035)	9,035
Net income (loss)	102,645				102,645	(212)		102,433
Net income (loss)							640
Other comprehensive income (loss), net	20			20				20
Common share distributions	(110,613)				(110,613)		(667)	(110,613)
Balance at Sep. 30, 2023	2,807,203	$ 2,249	4,137,466	(431)	(1,332,081)	14,063		2,821,266
Balance (in shares) at Sep. 30, 2023		224,859
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2023							51,877
Balance at Dec. 31, 2023	2,798,828	$ 2,249	4,142,229	(411)	(1,345,239)	21,704		2,820,532
Balance (in shares) at Dec. 31, 2023		224,921
Balance of Noncontrolling Interests in the Operating Partnership at Dec. 31, 2023							60,276	60,276
Increase (Decrease) in Stockholders' Equity
Contributions from noncontrolling interest in subsidiaries						309		309
Distributions paid to noncontrolling interest in subsidiaries						(125)		(125)
Issuance of common shares, net	(10)		(10)					(10)
Issuance of restricted shares	1	$ 1						1
Issuance of restricted shares (in shares)		24
Conversion from units to shares	561		561				(561)	561
Conversion from units to shares (in shares)		12
Exercise of stock options	201		201					201
Exercise of stock options (in shares)		8
Amortization of restricted shares	1,189		1,189					1,189
Share compensation expense	802		802					802
Adjustment for noncontrolling interests in the Operating Partnership	1,346				1,346		(1,346)	1,346
Net income (loss)	94,527				94,527	(210)		94,317
Net income (loss)							541
Other comprehensive income (loss), net	20			20				20
Common share distributions	(115,357)				(115,357)		(657)	(115,357)
Balance at Mar. 31, 2024	2,782,108	$ 2,250	4,144,972	(391)	(1,364,723)	21,678		2,803,786
Balance (in shares) at Mar. 31, 2024		224,965
Balance of Noncontrolling Interests in the Operating Partnership at Mar. 31, 2024							58,253
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(54)		(54)
Issuance of common shares, net	(39)		(39)					(39)
Issuance of restricted shares (in shares)		28
Conversion from units to shares	2,123	$ 1	2,122				(2,123)	2,123
Conversion from units to shares (in shares)		50
Exercise of stock options	4,518	$ 1	4,517					4,518
Exercise of stock options (in shares)		154
Amortization of restricted shares	1,897		1,897					1,897
Share compensation expense	800		800					800
Adjustment for noncontrolling interests in the Operating Partnership	93				93		(93)	93
Net income (loss)	93,964				93,964	(302)		93,662
Net income (loss)							524
Other comprehensive income (loss), net	20			20				20
Common share distributions	(115,390)				(115,390)		(631)	(115,390)
Balance at Jun. 30, 2024	2,770,094	$ 2,252	4,154,269	(371)	(1,386,056)	21,322		2,791,416
Balance (in shares) at Jun. 30, 2024		225,197
Balance of Noncontrolling Interests in the Operating Partnership at Jun. 30, 2024							55,930
Increase (Decrease) in Stockholders' Equity
Distributions paid to noncontrolling interest in subsidiaries						(130)		(130)
Issuance of common shares, net	32,768	$ 6	32,762					32,768
Issuance of common shares, net (in shares)		612
Issuance of restricted shares (in shares)		2
Conversion from units to shares	324		324				(324)	324
Conversion from units to shares (in shares)		6
Exercise of stock options	5,222	$ 2	5,220					5,222
Exercise of stock options (in shares)		186
Amortization of restricted shares	2,066		2,066					2,066
Share compensation expense	808		808					808
Adjustment for noncontrolling interests in the Operating Partnership	(10,801)				(10,801)		10,801	(10,801)
Net income (loss)	100,797				100,797	(398)		100,399
Net income (loss)							551
Other comprehensive income (loss), net	20			20				20
Common share distributions	(115,790)				(115,790)		(628)	(115,790)
Balance at Sep. 30, 2024	$ 2,785,508	$ 2,260	$ 4,195,449	$ (351)	$ (1,411,850)	$ 20,794		2,806,302
Balance (in shares) at Sep. 30, 2024		226,003
Balance of Noncontrolling Interests in the Operating Partnership at Sep. 30, 2024							$ 66,330	$ 66,330

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF EQUITY
Common share distributions (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.49	$ 0.49	$ 0.49	$ 1.53	$ 1.47

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income	$ 289,994	$ 299,298
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs	155,993	153,783
Non-cash portion of interest expense related to finance leases	(37)	(38)
Equity in earnings of real estate ventures	(1,688)	(4,482)
Cash distributed from real estate ventures	3,453	3,705
Equity compensation expense	8,590	7,530
Accretion of fair market value adjustment of debt	(294)	(714)
Changes in other operating accounts:
Other assets	(12,732)	(10,052)
Accounts payable and accrued expenses	21,906	18,408
Other liabilities	1,223	1,402
Net cash provided by operating activities	466,408	468,840
Investing Activities
Acquisitions of storage properties	(20,597)
Additions and improvements to storage properties	(33,137)	(31,642)
Development costs	(23,489)	(34,228)
Investments in real estate ventures	(316)	(16)
Cash distributed from real estate ventures	4,678	7,116
Proceeds from sale of real estate, net		238
Net cash used in investing activities	(72,861)	(58,532)
Proceeds from:
Revolving credit facility	612,506	614,083
Principal payments on:
Revolving credit facility	(630,606)	(659,783)
Mortgage loans and notes payable	(32,089)	(32,138)
Loan procurement costs		(39)
Issuance of common shares, net	32,720	(225)
Cash paid upon vesting of restricted shares	(1,028)	(804)
Exercise of stock options	9,941	2,716
Contributions from noncontrolling interests in subsidiaries	309	797
Distributions paid to noncontrolling interests in subsidiaries	(309)	(250)
Distributions paid to common shareholders	(345,901)	(331,601)
Distributions paid to noncontrolling interests in Operating Partnership	(1,952)	(2,089)
Net cash used in financing activities	(356,409)	(409,333)
Change in cash, cash equivalents and restricted cash	37,138	975
Cash, cash equivalents and restricted cash at beginning of period	8,217	8,925
Cash, cash equivalents and restricted cash at end of period	45,355	9,900
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized	77,953	80,299
Supplemental disclosure of noncash activities:
Derivative valuation adjustment	$ 60	$ 60

CONSOLIDATED BALANCE SHEETS (LP

CONSOLIDATED BALANCE SHEETS (LP cube) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Storage properties	$ 7,422,281	$ 7,367,613
Less: Accumulated depreciation	(1,544,603)	(1,416,377)
Storage properties, net	5,877,678	5,951,236
Cash and cash equivalents	43,507	6,526
Restricted cash	1,848	1,691
Loan procurement costs, net of amortization	3,048	3,995
Investment in real estate ventures, at equity	92,161	98,288
Other assets, net	174,173	163,284
Total assets	6,192,415	6,225,020
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,779,596	2,776,490
Revolving credit facility		18,100
Mortgage loans and notes payable, net	94,788	128,186
Lease liabilities - finance leases	65,677	65,714
Accounts payable, accrued expenses and other liabilities	223,516	201,419
Distributions payable	116,420	115,820
Deferred revenue	39,786	38,483
Total liabilities	3,319,783	3,344,212
Limited Partnership interests of third parties	66,330	60,276
Commitments and contingencies
Capital
Accumulated other comprehensive loss	(351)	(411)
Total liabilities and equity	6,192,415	6,225,020
CubeSmart, L.P. and Subsidiaries
ASSETS
Storage properties	7,422,281	7,367,613
Less: Accumulated depreciation	(1,544,603)	(1,416,377)
Storage properties, net	5,877,678	5,951,236
Cash and cash equivalents	43,507	6,526
Restricted cash	1,848	1,691
Loan procurement costs, net of amortization	3,048	3,995
Investment in real estate ventures, at equity	92,161	98,288
Other assets, net	174,173	163,284
Total assets	6,192,415	6,225,020
LIABILITIES AND CAPITAL
Unsecured senior notes, net	2,779,596	2,776,490
Revolving credit facility		18,100
Mortgage loans and notes payable, net	94,788	128,186
Lease liabilities - finance leases	65,677	65,714
Accounts payable, accrued expenses and other liabilities	223,516	201,419
Distributions payable	116,420	115,820
Deferred revenue	39,786	38,483
Total liabilities	3,319,783	3,344,212
Limited Partnership interests of third parties	66,330	60,276
Commitments and contingencies
Capital
General Partner	2,785,859	2,799,239
Accumulated other comprehensive loss	(351)	(411)
Total CubeSmart, L.P. capital	2,785,508	2,798,828
Noncontrolling interests in subsidiaries	20,794	21,704
Total capital	2,806,302	2,820,532
Total liabilities and equity	$ 6,192,415	$ 6,225,020

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) (LP cube) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Storage facilities, net	$ 5,877,678	$ 5,951,236
Cash and cash equivalents	43,507	6,526
VIE
Storage facilities, net	189,516	180,615
Cash and cash equivalents	1,856	3,002
CubeSmart, L.P. and Subsidiaries
Storage facilities, net	5,877,678	5,951,236
Cash and cash equivalents	43,507	6,526
CubeSmart, L.P. and Subsidiaries \| VIE
Storage facilities, net	189,516	180,615
Cash and cash equivalents	$ 1,856	$ 3,002

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Rental income	$ 230,954	$ 232,468	$ 682,935	$ 681,962
Total revenues	270,890	267,876	798,505	785,209
OPERATING EXPENSES
Property operating expenses	81,868	77,546	242,002	223,494
Depreciation and amortization	51,210	49,985	152,962	150,672
General and administrative	14,265	14,060	44,512	43,059
Total operating expenses	147,343	141,591	439,476	417,225
Interest:
Interest expense on loans	(22,750)	(23,204)	(68,436)	(70,439)
Loan procurement amortization expense	(986)	(1,030)	(3,031)	(3,111)
Equity in earnings of real estate ventures	418	1,141	1,688	4,482
Other	721	(119)	744	382
Total other expense	$ (22,597)	$ (23,212)	$ (69,035)	$ (68,686)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44	$ 0.45	$ 1.28	$ 1.32
Weighted-average basic units outstanding (in units)	226,166	225,467	225,941	225,380
Weighted-average diluted units outstanding (in units)	227,149	226,210	226,805	226,206
Other Property Related Income
REVENUES
Property related income	$ 29,268	$ 25,857	$ 84,542	$ 76,001
Property Management Fee Income
REVENUES
Property related income	10,668	9,551	31,028	27,246
CubeSmart, L.P. and Subsidiaries
REVENUES
Rental income	230,954	232,468	682,935	681,962
Total revenues	270,890	267,876	798,505	785,209
OPERATING EXPENSES
Property operating expenses	81,868	77,546	242,002	223,494
Depreciation and amortization	51,210	49,985	152,962	150,672
General and administrative	14,265	14,060	44,512	43,059
Total operating expenses	147,343	141,591	439,476	417,225
Interest:
Interest expense on loans	(22,750)	(23,204)	(68,436)	(70,439)
Loan procurement amortization expense	(986)	(1,030)	(3,031)	(3,111)
Equity in earnings of real estate ventures	418	1,141	1,688	4,482
Other	721	(119)	744	382
Total other expense	(22,597)	(23,212)	(69,035)	(68,686)
NET INCOME	100,950	103,073	289,994	299,298
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
Net loss attributable to noncontrolling interests in subsidiaries	398	212	910	662
NET INCOME ATTRIBUTABLE TO CUBESMART L.P.	$ 101,348	$ 103,285	$ 290,904	$ 299,960
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.45	$ 0.46	$ 1.28	$ 1.32
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44	$ 0.45	$ 1.28	$ 1.32
Weighted-average basic units outstanding (in units)	227,403	226,871	227,203	226,795
Weighted-average diluted units outstanding (in units)	228,386	227,614	228,067	227,621
CubeSmart, L.P. and Subsidiaries \| Other Property Related Income
REVENUES
Property related income	$ 29,268	$ 25,857	$ 84,542	$ 76,001
CubeSmart, L.P. and Subsidiaries \| Property Management Fee Income
REVENUES
Property related income	$ 10,668	$ 9,551	$ 31,028	$ 27,246

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (LP cube) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	$ 20	$ 20	$ 60	$ 60
OTHER COMPREHENSIVE INCOME:	20	20	60	60
COMPREHENSIVE INCOME	100,970	103,093	290,054	299,358
Comprehensive loss attributable to noncontrolling interests in subsidiaries	398	212	910	662
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	100,817	102,665	289,348	298,150
CubeSmart, L.P. and Subsidiaries
NET INCOME	100,950	103,073	289,994	299,298
Other comprehensive income:
Reclassification of realized losses on interest rate swaps	20	20	60	60
OTHER COMPREHENSIVE INCOME:	20	20	60	60
COMPREHENSIVE INCOME	100,970	103,093	290,054	299,358
Comprehensive loss attributable to noncontrolling interests in subsidiaries	398	212	910	662
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 101,368	$ 103,305	$ 290,964	$ 300,020

CONSOLIDATED STATEMENTS OF CAPI

CONSOLIDATED STATEMENTS OF CAPITAL (LP cube) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership			$ 60,276
Contributions from noncontrolling interests in subsidiaries			309		$ 797
Distributions paid to noncontrolling interest in subsidiaries	$ (130)	$ (54)	(125)	$ (89)	(54)	$ (107)
Adjustment for Operating Partnership interests of third parties	(10,801)	93	1,346	9,035	2,134	(8,588)
Net income (loss)	100,399	93,662	94,317	102,433	97,667	97,328
Other comprehensive income (loss), net	20	20	20	20	20	20
Balance of Noncontrolling Interests in the Operating Partnership	66,330
Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	55,930	58,253	60,276	63,352	65,565	57,419
Adjustment for Operating Partnership interests of third parties	10,801	(93)	(1,346)	(9,035)	(2,134)	8,588
Net income (loss)	551	524	541	640	616	614
Balance of Noncontrolling Interests in the Operating Partnership	66,330	55,930	58,253	51,877	63,352	65,565
CubeSmart, L.P. and Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	2,791,416	2,803,786	2,820,532	2,815,634	2,821,596	2,840,381
Balance of Noncontrolling Interests in the Operating Partnership			60,276
Contributions from noncontrolling interests in subsidiaries			309		797
Distributions paid to noncontrolling interest in subsidiaries	(130)	(54)	(125)	(89)	(54)	(107)
Issuance of restricted OP units			1
Issuance of common OP units		(39)	(10)	(79)	(55)	(91)
Issuance of OP units	32,768
Conversion from OP units to shares	324	2,123	561	2,413		361
Exercise of OP unit options	5,222	4,518	201		1,801	915
Amortization of restricted OP units	2,066	1,897	1,189	1,811	1,621	1,171
OP unit compensation expense	808	800	802	701	692	730
Adjustment for Operating Partnership interests of third parties	(10,801)	93	1,346	9,035	2,134	(8,588)
Net income (loss)	100,399	93,662	94,317	102,433	97,667	97,328
Other comprehensive income (loss), net	20	20	20	20	20	20
Common OP unit distributions	(115,790)	(115,390)	(115,357)	(110,613)	(110,585)	(110,524)
Balance	2,806,302	2,791,416	2,803,786	2,821,266	2,815,634	2,821,596
Balance of Noncontrolling Interests in the Operating Partnership	66,330
CubeSmart, L.P. and Subsidiaries \| Noncontrolling Interests in the Operating Partnership
Increase (Decrease) in Partners' Capital
Balance of Noncontrolling Interests in the Operating Partnership	55,930	58,253	60,276	63,352	65,565	57,419
Conversion from OP units to shares	(324)	(2,123)	(561)	(2,413)		(361)
Adjustment for Operating Partnership interests of third parties	10,801	(93)	(1,346)	(9,035)	(2,134)	8,588
Net income (loss)	551	524	541	640	616	614
Common OP unit distributions	(628)	(631)	(657)	(667)	(695)	(695)
Balance of Noncontrolling Interests in the Operating Partnership	66,330	55,930	58,253	51,877	63,352	65,565
CubeSmart, L.P. and Subsidiaries \| Total Shareholders' Equity
Increase (Decrease) in Partners' Capital
Balance	2,770,094	2,782,108	2,798,828	2,801,270	2,807,763	2,826,203
Issuance of restricted OP units			1
Issuance of common OP units		(39)	(10)	(79)	(55)	(91)
Issuance of OP units	32,768
Conversion from OP units to shares	324	2,123	561	2,413		361
Exercise of OP unit options	5,222	4,518	201		1,801	915
Amortization of restricted OP units	2,066	1,897	1,189	1,811	1,621	1,171
OP unit compensation expense	808	800	802	701	692	730
Adjustment for Operating Partnership interests of third parties	(10,801)	93	1,346	9,035	2,134	(8,588)
Net income (loss)	100,797	93,964	94,527	102,645	97,879	97,566
Other comprehensive income (loss), net	20	20	20	20	20	20
Common OP unit distributions	(115,790)	(115,390)	(115,357)	(110,613)	(110,585)	(110,524)
Balance	2,785,508	2,770,094	2,782,108	2,807,203	2,801,270	2,807,763
CubeSmart, L.P. and Subsidiaries \| Operating Partner
Increase (Decrease) in Partners' Capital
Balance	$ 2,770,465	$ 2,782,499	$ 2,799,239	$ 2,801,721	$ 2,808,234	$ 2,826,694
Balance (in units)	225,197	224,965	224,921	224,797	224,672	224,603
Issuance of restricted OP units			$ 1
Issuance of restricted OP units (in units)	2	28	24	4	20	22
Issuance of common OP units		$ (39)	$ (10)	$ (79)	$ (55)	$ (91)
Issuance of OP units	$ 32,768
Issuance of OP Units (in shares)	612
Conversion from OP units to shares	$ 324	$ 2,123	$ 561	$ 2,413		$ 361
Conversion from OP units to shares (in units)	6	50	12	58		8
Exercise of OP unit options	$ 5,222	$ 4,518	$ 201		$ 1,801	$ 915
Exercise of OP unit options (in units)	186	154	8		105	39
Amortization of restricted OP units	$ 2,066	$ 1,897	$ 1,189	$ 1,811	$ 1,621	$ 1,171
OP unit compensation expense	808	800	802	701	692	730
Adjustment for Operating Partnership interests of third parties	(10,801)	93	1,346	9,035	2,134	(8,588)
Net income (loss)	100,797	93,964	94,527	102,645	97,879	97,566
Common OP unit distributions	(115,790)	(115,390)	(115,357)	(110,613)	(110,585)	(110,524)
Balance	$ 2,785,859	$ 2,770,465	$ 2,782,499	$ 2,807,634	$ 2,801,721	$ 2,808,234
Balance (in units)	226,003	225,197	224,965	224,859	224,797	224,672
CubeSmart, L.P. and Subsidiaries \| Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Partners' Capital
Balance	$ (371)	$ (391)	$ (411)	$ (451)	$ (471)	$ (491)
Other comprehensive income (loss), net	20	20	20	20	20	20
Balance	(351)	(371)	(391)	(431)	(451)	(471)
CubeSmart, L.P. and Subsidiaries \| Noncontrolling Interest in Subsidiaries
Increase (Decrease) in Partners' Capital
Balance	21,322	21,678	21,704	14,364	13,833	14,178
Contributions from noncontrolling interests in subsidiaries			309		797
Distributions paid to noncontrolling interest in subsidiaries	(130)	(54)	(125)	(89)	(54)	(107)
Net income (loss)	(398)	(302)	(210)	(212)	(212)	(238)
Balance	$ 20,794	$ 21,322	$ 21,678	$ 14,063	$ 14,364	$ 13,833

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CAPITAL (Parenthetical) (LP cube) - $ / shares	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
CubeSmart, L.P. and Subsidiaries
Common OP unit distributions (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.49	$ 0.49	$ 0.49

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (LP cube) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Activities
Net income	$ 100,950	$ 103,073	$ 289,994	$ 299,298
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs			155,993	153,783
Non-cash portion of interest expense related to finance leases			(37)	(38)
Equity in earnings of real estate ventures	(418)	(1,141)	(1,688)	(4,482)
Cash distributed from real estate ventures			3,453	3,705
Equity compensation expense			8,590	7,530
Accretion of fair market value adjustment of debt			(294)	(714)
Changes in other operating accounts:
Other assets			(12,732)	(10,052)
Accounts payable and accrued expenses			21,906	18,408
Other liabilities			1,223	1,402
Net cash provided by operating activities			466,408	468,840
Investing Activities
Acquisitions of storage properties			(20,597)
Additions and improvements to storage properties			(33,137)	(31,642)
Development costs			(23,489)	(34,228)
Investments in real estate ventures			(316)	(16)
Cash distributed from real estate ventures			4,678	7,116
Proceeds from sale of real estate, net				238
Net cash used in investing activities			(72,861)	(58,532)
Proceeds from:
Revolving credit facility			612,506	614,083
Principal payments on:
Revolving credit facility			(630,606)	(659,783)
Mortgage loans and notes payable			(32,089)	(32,138)
Loan procurement costs				(39)
Cash paid upon vesting of restricted OP units			(1,028)	(804)
Contributions from noncontrolling interests in subsidiaries			309	797
Distributions paid to noncontrolling interests in subsidiaries			(309)	(250)
Distributions paid to OP unitholders			(345,901)	(331,601)
Net cash used in financing activities			(356,409)	(409,333)
Change in cash, cash equivalents and restricted cash			37,138	975
Cash, cash equivalents and restricted cash at beginning of period			8,217	8,925	$ 8,925
Cash, cash equivalents and restricted cash at end of period	45,355	9,900	45,355	9,900	8,217
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized			77,953	80,299
Supplemental disclosure of noncash activities:
Derivative valuation adjustment			60	60
CubeSmart, L.P. and Subsidiaries
Operating Activities
Net income			289,994	299,298
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization, including amortization of loan procurement costs			155,993	153,783
Non-cash portion of interest expense related to finance leases			(37)	(38)
Equity in earnings of real estate ventures	(418)	(1,141)	(1,688)	(4,482)
Cash distributed from real estate ventures			3,453	3,705
Equity compensation expense			8,590	7,530
Accretion of fair market value adjustment of debt			(294)	(714)
Changes in other operating accounts:
Other assets			(12,732)	(10,052)
Accounts payable and accrued expenses			21,906	18,408
Other liabilities			1,223	1,402
Net cash provided by operating activities			466,408	468,840
Investing Activities
Acquisitions of storage properties			(20,597)
Additions and improvements to storage properties			(33,137)	(31,642)
Development costs			(23,489)	(34,228)
Investments in real estate ventures			(316)	(16)
Cash distributed from real estate ventures			4,678	7,116
Proceeds from sale of real estate, net				238
Net cash used in investing activities			(72,861)	(58,532)
Proceeds from:
Revolving credit facility			612,506	614,083
Principal payments on:
Revolving credit facility			(630,606)	(659,783)
Mortgage loans and notes payable			(32,089)	(32,138)
Loan procurement costs				(39)
Issuance of OP units, net			32,720	(225)
Cash paid upon vesting of restricted OP units			(1,028)	(804)
Exercise of OP unit options			9,941	2,716
Contributions from noncontrolling interests in subsidiaries			309	797
Distributions paid to noncontrolling interests in subsidiaries			(309)	(250)
Distributions paid to OP unitholders			(347,853)	(333,690)
Net cash used in financing activities			(356,409)	(409,333)
Change in cash, cash equivalents and restricted cash			37,138	975
Cash, cash equivalents and restricted cash at beginning of period			8,217	8,925	8,925
Cash, cash equivalents and restricted cash at end of period	$ 45,355	$ 9,900	45,355	9,900	$ 8,217
Supplemental Cash Flow and Noncash Information
Cash paid for interest, net of interest capitalized			77,953	80,299
Supplemental disclosure of noncash activities:
Derivative valuation adjustment			$ 60	$ 60

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Sep. 30, 2024
ORGANIZATION AND NATURE OF OPERATIONS
ORGANIZATION AND NATURE OF OPERATIONS	1. ORGANIZATION AND NATURE OF OPERATIONS CubeSmart (the “Parent Company”) operates as a self-managed and self-administered real estate investment trust (“REIT”) with its operations conducted solely through CubeSmart, L.P. and its subsidiaries. CubeSmart, L.P., a Delaware limited partnership (the “Operating Partnership”), operates through an umbrella partnership structure, with the Parent Company, a Maryland REIT, as its sole general partner. In the notes to the unaudited consolidated financial statements, the terms “the Company”, “we” or “our” are used to refer to the Parent Company and the Operating Partnership together, unless the context indicates otherwise. As of September 30, 2024, the Company owned (or partially owned and consolidated) self-storage properties located in the District of Columbia and 24 states throughout the United States, which are presented under one reportable segment: the Company owns, operates, develops, manages and acquires self-storage properties. As of September 30, 2024, the Parent Company owned approximately 99.5% of the partnership interests (“OP Units” or “common units”) of the Operating Partnership. The remaining OP Units, consisting exclusively of limited partner interests, are held by persons who contributed their interests in properties to the Operating Partnership in exchange for OP Units. Under the partnership agreement, these persons have the right to tender their OP Units for redemption to the Operating Partnership at any time following a specified restricted period for cash equal to the fair value of an equivalent number of common shares of the Parent Company. In lieu of delivering cash, however, the Parent Company, as the Operating Partnership’s general partner, may, at its option, choose to acquire any OP Units so tendered by issuing common shares in exchange for the tendered OP Units. If the Parent Company so chooses, its common shares will be exchanged for OP Units on a one-for-one basis. This one-for-one exchange ratio is subject to adjustment to prevent dilution. With each such exchange or redemption, the Parent Company’s percentage ownership in the Operating Partnership will increase. In addition, whenever the Parent Company issues common or other classes of its shares, it contributes the net proceeds it receives from the issuance to the Operating Partnership and the Operating Partnership issues to the Parent Company an equal number of OP Units or other partnership interests having preferences and rights that mirror the preferences and rights of the shares issued. This structure is commonly referred to as an umbrella partnership REIT or “UPREIT.” The Company typically experiences seasonal fluctuations in the occupancy levels of its stores, which are generally slightly higher during the summer months due to increased moving activity.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2023, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership. Reclassifications Certain amounts within the Company’s and the Operating Partnership’s unaudited consolidated financial statements have been reclassified in prior years to conform to the current year presentation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment performance and to allocate resources. Entities with a single reportable segment (such as the Company) will be required to provide the disclosures required by Topic 280, as amended. The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES

STORAGE PROPERTIES	9 Months Ended
STORAGE PROPERTIES	Sep. 30, 2024
STORAGE PROPERTIES
STORAGE PROPERTIES	3. STORAGE PROPERTIES The book value of the Company’s real estate assets is summarized as follows: September 30, December 31, 2024 2023 (in thousands) Land $ 1,616,167 $ 1,594,742 Buildings and improvements 5,588,497 5,517,544 Equipment 141,048 144,372 Construction in progress 34,624 69,010 Right-of-use assets - finance leases 41,945 41,945 Storage properties 7,422,281 7,367,613 Less: Accumulated depreciation (1,544,603) (1,416,377) Storage properties, net $ 5,877,678 $ 5,951,236 The following table summarizes the Company’s acquisition and disposition activity since January 1, 2023. Number of Transaction Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2024 Acquisitions: Connecticut Assets Hartford-West Hartford-East Hartford, CT January 2024 2 $ 20,200 2 $ 20,200 2023 Acquisition: New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2023 1 $ 22,000 1 $ 22,000 2023 Disposition: Illinois Asset (1) Chicago-Naperville-Joliet, IL-IN-WI December 2023 1 $ 8,000 1 $ 8,000 (1) This store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois.

INVESTMENT ACTIVITY

INVESTMENT ACTIVITY	9 Months Ended
INVESTMENT ACTIVITY	Sep. 30, 2024
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY	4. INVESTMENT ACTIVITY 2024 Acquisitions During the nine months ended September 30, 2024, the Company acquired a two -store portfolio located in Connecticut for an aggregate purchase price of $20.2 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $0.9 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2024 was approximately $0.2 million and $0.6 million, respectively. As of September 30, 2024, the Company had made aggregate deposits of approximately $0.5 million associated with two stores that were under contract to be acquired for an aggregate acquisition price of approximately $22.0 million. The deposits are reflected in Other assets, net on the Company’s consolidated balance sheets. 2023 Acquisition During the year ended December 31, 2023, the Company acquired one store located in New Jersey for a purchase price of $22.0 million. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on relative fair value. Intangible assets consisted of in-place leases, which aggregated to $2.0 million at the time of the acquisition and prior to amortization of such amounts. The estimated life of these in-place leases is 12 months and the amortization expense that was recognized during the three and nine months ended September 30, 2024 was approximately $0.5 million and $1.5 million, respectively. No amortization expense related to this store was recognized during the three or nine months ended September 30, 2023. 2023 Dispositions In August 2023, the Company sold the California Yacht Club, which it purchased in December 2021 as part of the LAACO acquisition, for $0.8 million. A loss of $0.2 million was recognized in conjunction with the sale, which is included in the component of other (expense) income designated as Other for the three and nine months ended September 30, 2023 within the consolidated statements of operations. Additionally, in December 2023, a store was subject to an involuntary conversion by the Department of Transportation of the State of Illinois. The Company received $8.0 million as consideration and recorded a gain of $4.8 million. Development Activity As of September 30, 2024, the Company had invested in consolidated joint ventures to develop two self-storage properties located in New York. Construction for these projects is expected to be completed during the third quarter of 2025. As of September 30, 2024, development costs incurred to date for these projects totaled $18.6 million. Total construction costs for these projects are expected to be $45.7 million. These costs are capitalized to construction in progress while the project is under development and are reflected in Storage properties on the Company’s consolidated balance sheets. The Company, through two consolidated joint ventures, completed the construction and opened for operation the following stores during the period of January 1, 2023 through September 30, 2024. The costs associated with the construction of these stores are capitalized to land, building and improvements, as well as equipment and are reflected in Storage properties on the Company’s consolidated balance sheets. CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Astoria, NY 1 Q2 2024 70% $ 45,900 Clark, NJ 1 Q2 2024 90% 15,900 2 $ 61,800

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	9 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	Sep. 30, 2024
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	5. INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): CubeSmart Number of Stores as of Carrying Value of Investment as of Ownership September 30, December 31, September 30, December 31, Unconsolidated Real Estate Ventures Interest 2024 2023 2024 2023 Fontana Self Storage, LLC ("Fontana") (1) 50% 1 1 $ 13,305 $ 13,575 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) 50% 1 1 20,249 20,679 191 V CUBE LLC ("HVP V") 20% 6 6 11,587 12,759 191 IV CUBE LLC ("HVP IV") 20% 28 28 15,083 17,085 CUBE HHF Northeast Venture LLC ("HHFNE") 10% 13 13 820 951 CUBE HHF Limited Partnership ("HHF") 50% 28 28 31,117 33,239 77 77 $ 92,161 $ 98,288 (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of September 30, 2024, the remaining unamortized difference was $12.5 million for Fontana and $18.7 million for RCSS. As of September 30, 2024, the Company also held a 10% interest in 191 IV CUBE Southeast LLC ("HVPSE"). On August 30, 2022, HVPSE sold all 14 of its stores to an unaffiliated third-party buyer for an aggregate sales price of $235.0 million. During the nine months ended September 30, 2023, the Company received distributions of $1.7 million in excess of its investment in HVPSE from proceeds that were held back at the time of the sale. These distributions are included in Equity in earnings of real estate ventures within the Company’s consolidated statements of operations. As of September 30, 2024, HVPSE had no significant assets or liabilities. The Company determined that Fontana, RCSS, HVP V, HVPSE, HVP IV, HHFNE and HHF (collectively, the “Ventures”) are not VIEs in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate the Ventures. Based upon each member’s substantive participating rights over the activities of each entity as stipulated in the operating agreements, the Ventures are not consolidated by the Company and are accounted for under the equity method of accounting. The Company’s investments in the Ventures are included in Investment in real estate ventures, at equity on the Company’s consolidated balance sheets and the Company’s earnings from its investments in the Ventures are presented in Equity in earnings of real estate ventures within the Company’s consolidated statements of operations. The amounts reflected in the following table are based on the historical financial information of the Ventures. The following is a summary of the financial position of the Ventures as of September 30, 2024 and December 31, 2023. September 30, December 31, 2024 2023 Assets (in thousands) Storage properties, net $ 689,642 $ 715,142 Other assets 21,050 10,382 Total assets $ 710,692 $ 725,524 Liabilities and equity Debt $ 471,915 $ 470,573 Other liabilities 23,996 18,557 Equity CubeSmart 60,966 66,446 Joint venture partners 153,815 169,948 Total liabilities and equity $ 710,692 $ 725,524 The following is a summary of results of operations of the Ventures for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Total revenues $ 25,395 $ 25,519 $ 74,821 $ 74,139 Operating expenses (10,362) (10,642) (31,277) (31,707) Other expenses (99) 27 (316) (221) Interest expense, net (7,399) (4,276) (18,633) (12,785) Depreciation and amortization (7,283) (7,611) (22,223) (23,058) Net income $ 252 $ 3,017 $ 2,372 $ 6,368 Company’s share of net income $ 418 $ 1,141 $ 1,688 $ 4,482

OTHER ASSETS

OTHER ASSETS	9 Months Ended
OTHER ASSETS	Sep. 30, 2024
Other Assets, Unclassified [Abstract]
OTHER ASSETS	6. OTHER ASSETS Other assets were comprised of the following as of September 30, 2024 and December 31, 2023. September 30, December 31, 2024 2023 (in thousands) Intangible assets, net of accumulated amortization of $2,220 and $164, respectively $ 617 $ 1,806 Accounts receivable, net 9,859 8,944 Prepaid property taxes 9,035 8,171 Prepaid insurance 7,633 4,879 Amounts due from affiliates (see note 15) 19,243 18,045 Assets related to deferred compensation arrangements 64,450 60,038 Right-of-use assets - operating leases 49,682 50,476 Ground lease receivable 6,234 6,193 Other 7,420 4,732 Total other assets, net $ 174,173 $ 163,284

UNSECURED SENIOR NOTES

UNSECURED SENIOR NOTES	9 Months Ended
UNSECURED SENIOR NOTES	Sep. 30, 2024
UNSECURED SENIOR NOTES
UNSECURED SENIOR NOTES	7. UNSECURED SENIOR NOTES The Company’s unsecured senior notes are summarized as follows (collectively referred to as the “Senior Notes”): September 30, December 31, Effective Issuance Maturity Unsecured Senior Notes 2024 2023 Interest Rate Date Date (in thousands) $300M 4.000% Guaranteed Notes due 2025 (1) $ 300,000 $ 300,000 3.99 % Various (1) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $550M 2.250% Guaranteed Notes due 2028 550,000 550,000 2.33 % Nov-21 Dec-28 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 450,000 2.10 % Oct-20 Feb-31 $500M 2.500% Guaranteed Notes due 2032 500,000 500,000 2.59 % Nov-21 Feb-32 Principal balance outstanding 2,800,000 2,800,000 Less: Discount on issuance of unsecured senior notes, net (8,908) (10,148) Less: Loan procurement costs, net (11,496) (13,362) Total unsecured senior notes, net $ 2,779,596 $ 2,776,490 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% . The indenture under which the Senior Notes were issued restricts the ability of the Operating Partnership and its subsidiaries to incur debt unless the Operating Partnership and its consolidated subsidiaries comply with a leverage ratio not to exceed 60% and an interest coverage ratio of more than 1.5 :1.0 after giving effect to the incurrence of the debt. The indenture also restricts the ability of the Operating Partnership and its subsidiaries to incur secured debt unless the Operating Partnership and its consolidated subsidiaries comply with a secured debt leverage ratio not to exceed 40% after giving effect to the incurrence of the debt. The indenture also contains other financial and customary covenants, including a covenant not to own unencumbered assets with a value less than 150% of the unsecured indebtedness of the Operating Partnership and its consolidated subsidiaries. As of and for the three and nine months ended September 30, 2024, the Operating Partnership was in compliance with all of the financial covenants under the Senior Notes.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	9 Months Ended
REVOLVING CREDIT FACILITY	Sep. 30, 2024
REVOLVING CREDIT FACILITY
REVOLVING CREDIT FACILITY	8. REVOLVING CREDIT FACILITY On October 26, 2022, the Company amended and restated, in its entirety, its unsecured revolving credit agreement (the “Second Amended and Restated Credit Facility”) which, subsequent to the amendment and restatement, is comprised of an $850.0 million unsecured revolving credit facility (the “Revolver”) maturing on February 15, 2027. Under the Second Amended and Restated Credit Facility, pricing on the Revolver is dependent upon the Company’s unsecured debt credit ratings and leverage levels. At the Company’s current unsecured debt credit ratings and leverage levels, amounts drawn under the Revolver are priced using a margin of 0.775% plus a facility fee of 0.15% over the Secured Overnight Financing Rate ("SOFR") plus a 0.10% SOFR adjustment. As of September 30, 2024, borrowings under the Revolver had an interest rate of 5.99%. Additionally, as of September 30, 2024, $849.4 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.6 million. Under the Second Amended and Restated Credit Facility, the Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include, among other things, (1) a maximum total indebtedness to total asset value of 60.0%, and (2) a minimum fixed charge coverage ratio of 1.5:1.0. As of and for the three and nine months ended September 30, 2024, the Operating Partnership was in compliance with all financial covenants of the Second Amended and Restated Credit Facility.

MORTGAGE LOANS AND NOTES PAYABL

MORTGAGE LOANS AND NOTES PAYABLE	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE	Sep. 30, 2024
MORTGAGE LOANS AND NOTES PAYABLE
MORTGAGE LOANS AND NOTES PAYABLE	9. MORTGAGE LOANS AND NOTES PAYABLE The Company’s mortgage loans and notes payable are summarized as follows: Carrying Value as of September 30, December 31, Effective Maturity Mortgage Loans and Notes Payable 2024 2023 Interest Rate Date (in thousands) Annapolis I, MD (1) $ — $ 4,703 3.78 % May-24 Brooklyn XV, NY (1) — 14,746 2.15 % May-24 Long Island City IV, NY (1) — 11,946 2.15 % May-24 Long Island City II, NY 17,488 17,834 2.25 % Jul-26 Long Island City III, NY 17,491 17,839 2.25 % Aug-26 Flushing II, NY 54,300 54,300 2.15 % Jul-29 Principal balance outstanding 89,279 121,368 Plus: Unamortized fair value adjustment 6,154 7,689 Less: Loan procurement costs, net (645) (871) Total mortgage loans and notes payable, net $ 94,788 $ 128,186 (1) These mortgage loans were repaid in full in May 2024. As of September 30, 2024 and December 31, 2023, the Company’s mortgage loans payable were secured by certain of its self-storage properties with net book values of approximately $234.0 million and $356.1 million, respectively. The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2024 (in thousands): 2024 $ 240 2025 979 2026 33,760 2027 — 2028 — 2029 54,300 Total principal payments $ 89,279

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	10. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 11). The following table summarizes the changes in accumulated other comprehensive loss for the nine months ended September 30, 2024 (in thousands). September 30, 2024 (in thousands) Beginning balance at December 31, 2023 $ (413) Reclassification of realized losses on interest rate swaps (1) 60 Ending balance at September 30, 2024 (353) Less: portion included in noncontrolling interests in the Operating Partnership 2 Total accumulated other comprehensive loss included in equity $ (351) (1) See note 11 for additional information about the effects of the amounts reclassified.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	9 Months Ended
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	Sep. 30, 2024
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	11. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company is exposed to credit risk with regard to its cash accounts. The Company holds deposits at certain financial institutions in excess of Federal Deposit Insurance Corporation limits. The Company’s cash accounts are held with major financial institutions and management believes that the risk of loss due to disruption at these financial institutions is low. The Company’s use of derivative instruments is limited to the utilization of interest rate swap agreements or other instruments to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific transactions. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly effective in offsetting changes in cash flows of the hedged item. If management determines that the derivative is highly effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative do not impact the Company’s results of operations. If management determines that the derivative is not highly effective as a hedge or if a derivative ceases to be a highly-effective hedge, the Company discontinues hedge accounting prospectively and reflects within its consolidated statements of operations realized and unrealized gains and losses with respect to the derivative. As of September 30, 2024 and December 31, 2023, all derivative instruments entered into by the Company had been settled. On December 24, 2018, the Company entered into interest rate swap agreements with notional amounts that aggregated to $150.0 million (the “Interest Rate Swaps”) to protect the Company against adverse fluctuations in interest rates by reducing exposure to variability in cash flows relating to interest payments on a forecasted issuance of long-term debt. The Interest Rate Swaps qualified and were designated as cash flow hedges. Accordingly, the Interest Rate Swaps were recorded on the Company’s consolidated balance sheets at fair value and the related gains or losses were deferred in shareholders’ equity as accumulated other comprehensive income or loss. These deferred gains and losses were amortized into interest expense during the period or periods in which the related interest payments affected earnings. On January 24, 2019, in conjunction with the issuance of $300.0 million of outstanding 4.375% senior notes due 2029 (the “2029 Notes”), the Company settled the Interest Rate Swaps for $0.8 million. The $0.8 million termination premium will be reclassified from accumulated other comprehensive loss as an increase to interest expense over the life of the 2029 Notes, which mature on February 15, 2029. The change in unrealized losses on interest rate swaps reflects a reclassification of twenty thousand dollars and sixty thousand dollars of unrealized losses from accumulated other comprehensive loss as an increase to interest expense during the three and nine months ended September 30, 2024, respectively. The Company estimates that $0.1 million will be reclassified as an increase to interest expense in the next 12 months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS The Company applies the methods of determining fair value as described in authoritative guidance, to value its financial assets and liabilities. As defined in the guidance, fair value is based on the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, to the extent possible, as well as considering counterparty credit risk in its assessment of fair value. The fair values of financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, other financial instruments included in other assets, accounts payable, accrued expenses and other liabilities approximate their respective carrying values at September 30, 2024 and December 31, 2023. The following table summarizes the carrying value and estimated fair value of the Company’s debt as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Carrying value $ 2,874,384 $ 2,922,776 Fair value 2,671,554 2,631,221 The fair value of debt estimates were based on a discounted cash flow analysis assuming market interest rates for comparable obligations at September 30, 2024 and December 31, 2023. The Company estimates the fair value of its fixed-rate debt and the credit spreads over variable market rates on its variable-rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies, which is classified within level 2 of the fair value hierarchy. Rates and credit spreads take into consideration general market conditions and maturity.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
NONCONTROLLING INTERESTS	Sep. 30, 2024
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	13. NONCONTROLLING INTERESTS Interests in Consolidated Joint Ventures Noncontrolling interests in subsidiaries represent the ownership interests of third parties in the Company’s consolidated joint ventures. All consolidated joint ventures were formed to develop, own and operate new stores with the exception of Anoka (defined below), which was formed to acquire an existing store that had commenced operations. The following table summarizes the Company’s consolidated joint ventures, each of which are accounted for as VIEs: CubeSmart September 30, 2024 Number Ownership Total Total Related Party Consolidated Joint Ventures of Stores Interest Assets Liabilities Loans (1) (in thousands) New Rochelle Investors, LLC ("New Rochelle") 1 70% $ 27,811 $ 4,511 $ 3,540 1074 Raritan Road, LLC ("Clark") 1 90% 15,357 9,723 9,489 350 Main Street, LLC ("Port Chester") 1 90% 6,616 404 — Astoria Investors, LLC ("Astoria") 1 70% 45,499 31,483 29,319 CS Lock Up Anoka, LLC ("Anoka") 1 50% 9,923 5,635 5,540 CS Valley Forge Village Storage, LLC ("VFV") 1 70% 18,728 14,880 14,792 CS Vienna, LLC ("Vienna") 1 80% 30,177 35,337 34,875 SH3, LLC ("SH3") 1 90% 35,911 280 — 8 $ 190,022 $ 102,253 $ 97,555 (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes. Operating Partnership Ownership As of September 30, 2024 and December 31, 2023, 1,232,205 and 1,300,462 OP units, respectively, were owned by third parties. The per unit cash redemption amount of the outstanding OP units owned by third parties was calculated based upon the closing price of the common shares of CubeSmart on the New York Stock Exchange on the final trading day of the quarter. Based on the Company’s evaluation of the redemption value of the redeemable noncontrolling interests, the Company has reflected these interests at the greater of the carrying value based on the accumulation of historical cost or the redemption value as of September 30, 2024 and December 31, 2023. The aggregate redemption value of the 1,232,205 OP Units owned by third parties as of September 30, 2024 was $66.3 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Development Commitments The Company has agreements with developers for the construction of two new self-storage properties (see note 4), which will require payments of approximately $27.8 million, due in installments upon completion of certain construction milestones, during 2024 and 2025. Litigation From time to time, the Company is involved in claims which arise in the ordinary course of business. In accordance with applicable accounting guidance, management establishes an accrued liability for claim expenses, insurance retention and litigation costs when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of those amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. In the opinion of management, the Company has made adequate provisions for potential liabilities arising from any such matters, which are included in Accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS The Company provides management services to certain joint ventures and other related parties. Management agreements provide for fee income to the Company based on a percentage of revenues at the managed stores. Total management fees for unconsolidated real estate ventures or other entities in which the Company held an ownership interest totaled $1.2 million for each of the three-month periods ended September 30, 2024 and 2023 and totaled $3.6 million each of the nine-month periods ended September 30, 2024 and 2023. The management agreements for certain joint ventures, other related parties and third-party stores provide for the reimbursement to the Company for certain expenses incurred to manage the stores. These reimbursements consist of amounts due for management fees, payroll, and other store expenses. The amounts due to the Company were $19.2 million and $18.0 million as of September 30, 2024 and December 31, 2023, respectively, and are included in Other assets, net on the consolidated balance sheets. Additionally, the Company had outstanding mortgage loans receivable from consolidated joint ventures of $97.6 million and $86.3 million as of September 30, 2024 and December 31, 2023, respectively, which are eliminated for consolidation purposes. The Company believes that all of these related-party receivables are fully collectible. The HVP V, HVPSE, HVP IV and HHFNE operating agreements provide for acquisition, disposition and other fees payable from HVP V, HVPSE, HVP IV and HHFNE to the Company upon the closing of a property transaction by HVP V, HVPSE, HVP IV and HHFNE or any of their subsidiaries and completion of certain measures as defined in the operating agreements. There were no such fees recognized during the three or nine months ended September 30, 2024 or 2023. The Company serves as lessor in a ground lease related to land underlying an HVP IV property located in Texas. The Company recognized income associated with this ground lease of $0.1 million during each of the three-month periods ended September 30, 2024 and 2023 and of $0.3 million during each of the nine-month periods ended September 30, 2024 and 2023. This income is included in the component of other (expense) income designated as Other within the Company’s consolidated statements of operations.

EARNINGS PER SHARE AND UNIT AND

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL	16. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL Earnings per share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars and units in thousands, except per share amounts) Net income $ 100,950 $ 103,073 $ 289,994 $ 299,298 Net income attributable to noncontrolling interests in the Operating Partnership (551) (640) (1,616) (1,870) Net loss attributable to noncontrolling interests in subsidiaries 398 212 910 662 Net income attributable to the Company's common shareholders $ 100,797 $ 102,645 $ 289,288 $ 298,090 Weighted average basic shares outstanding 226,166 225,467 225,941 225,380 Share options and restricted share units 983 743 864 826 Weighted average diluted shares outstanding (1) 227,149 226,210 226,805 226,206 Basic earnings per share attributable to common shareholders $ 0.45 $ 0.46 $ 1.28 $ 1.32 Diluted earnings per share attributable to common shareholders (2) $ 0.44 $ 0.45 $ 1.28 $ 1.32 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties were 1.2 million and 1.3 million for the three and nine months ended September 30, 2024, respectively, compared to 1.4 million for both the three and nine months ended September 30, 2023. Earnings per unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars and units in thousands, except per unit amounts) Net income $ 100,950 $ 103,073 $ 289,994 $ 299,298 Net loss attributable to noncontrolling interests in subsidiaries 398 212 910 662 Net income attributable to CubeSmart, L.P. $ 101,348 $ 103,285 $ 290,904 $ 299,960 Weighted average basic units outstanding (3) 227,403 226,871 227,203 226,795 Unit options and restricted share units 983 743 864 826 Weighted average diluted units outstanding (1) (3) 228,386 227,614 228,067 227,621 Basic earnings per unit attributable to CubeSmart, L.P. $ 0.45 $ 0.46 $ 1.28 $ 1.32 Diluted earnings per unit attributable to CubeSmart, L.P. (2) $ 0.44 $ 0.45 $ 1.28 $ 1.32 (1) For the three and nine months ended September 30, 2024, the Company declared cash dividends per common share/unit of $0.51 and $1.53 , respectively. For the three and nine months ended September 30, 2023, the Company declared cash dividends per common share/unit of $0.49 and $1.47 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit were 0.7 million for both the three and nine months ended September 30, 2024 as well as both the three and nine months ended September 30, 2023. (3) Prior period amounts have been updated to conform to current year presentation. The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding: As of September 30, 2024 2023 Outstanding OP Units owned by third parties 1,232,205 1,360,549 Outstanding OP Units owned by the General Partner 226,002,624 224,859,021

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Trading Arrangements During the three months ended September 30, 2024, none of our trustees or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and, in the opinion of each of the Parent Company’s and Operating Partnership’s respective management, include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for each respective company for the interim periods presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Parent Company’s and the Operating Partnership’s combined audited financial statements prepared in accordance with GAAP, and the related notes thereto, for the year ended December 31, 2023, which are included in the Parent Company’s and the Operating Partnership’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2023 The Operating Partnership meets the criteria as a variable interest entity (“VIE”). The Parent Company’s sole significant asset is its investment in the Operating Partnership. As a result, substantially all of the Parent Company’s assets and liabilities represent those assets and liabilities of the Operating Partnership. All of the Parent Company’s debt is an obligation of the Operating Partnership, and the Parent Company guarantees the unsecured debt obligations of the Operating Partnership.
Reclassifications	Reclassifications Certain amounts within the Company’s and the Operating Partnership’s unaudited consolidated financial statements have been reclassified in prior years to conform to the current year presentation.
Recent Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amended guidance requires the disclosure of incremental segment information, including significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and a reconciliation of segment profit or loss to net income. The title and position of the CODM must also be disclosed, along with how the CODM uses the reported measures to assess segment performance and to allocate resources. Entities with a single reportable segment (such as the Company) will be required to provide the disclosures required by Topic 280, as amended. The standard became effective for the Company on January 1, 2024 and the required disclosures for the Company will begin with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024. The adoption and implementation of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

STORAGE PROPERTIES (Tables)

STORAGE PROPERTIES (Tables)	9 Months Ended
STORAGE PROPERTIES (Tables)	Sep. 30, 2024
STORAGE PROPERTIES
Summary of real estate assets	September 30, December 31, 2024 2023 (in thousands) Land $ 1,616,167 $ 1,594,742 Buildings and improvements 5,588,497 5,517,544 Equipment 141,048 144,372 Construction in progress 34,624 69,010 Right-of-use assets - finance leases 41,945 41,945 Storage properties 7,422,281 7,367,613 Less: Accumulated depreciation (1,544,603) (1,416,377) Storage properties, net $ 5,877,678 $ 5,951,236
Schedule of acquisitions and dispositions of real estate assets	The following table summarizes the Company’s acquisition and disposition activity since January 1, 2023. Number of Transaction Price Asset/Portfolio Metropolitan Statistical Area Transaction Date Stores (in thousands) 2024 Acquisitions: Connecticut Assets Hartford-West Hartford-East Hartford, CT January 2024 2 $ 20,200 2 $ 20,200 2023 Acquisition: New Jersey Asset New York-Northern New Jersey-Long Island, NY-NJ-PA December 2023 1 $ 22,000 1 $ 22,000 2023 Disposition: Illinois Asset (1) Chicago-Naperville-Joliet, IL-IN-WI December 2023 1 $ 8,000 1 $ 8,000

INVESTMENT ACTIVITY (Tables)

INVESTMENT ACTIVITY (Tables)	9 Months Ended
INVESTMENT ACTIVITY (Tables)	Sep. 30, 2024
INVESTMENT ACTIVITY
Schedule of capitalized costs for investments in storage properties	CubeSmart Number of Ownership Total Store Location Stores Date Opened Interest Construction Costs (in thousands) Astoria, NY 1 Q2 2024 70% $ 45,900 Clark, NJ 1 Q2 2024 90% 15,900 2 $ 61,800

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	9 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables)	Sep. 30, 2024
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES
Schedule of investments in real estate ventures	The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): CubeSmart Number of Stores as of Carrying Value of Investment as of Ownership September 30, December 31, September 30, December 31, Unconsolidated Real Estate Ventures Interest 2024 2023 2024 2023 Fontana Self Storage, LLC ("Fontana") (1) 50% 1 1 $ 13,305 $ 13,575 Rancho Cucamonga Self Storage, LLC ("RCSS") (1) 50% 1 1 20,249 20,679 191 V CUBE LLC ("HVP V") 20% 6 6 11,587 12,759 191 IV CUBE LLC ("HVP IV") 20% 28 28 15,083 17,085 CUBE HHF Northeast Venture LLC ("HHFNE") 10% 13 13 820 951 CUBE HHF Limited Partnership ("HHF") 50% 28 28 31,117 33,239 77 77 $ 92,161 $ 98,288 (1) On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS , each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of September 30, 2024, the remaining unamortized difference was $12.5 million for Fontana and $18.7 million for RCSS.
Summary of the financial position of the ventures	September 30, December 31, 2024 2023 Assets (in thousands) Storage properties, net $ 689,642 $ 715,142 Other assets 21,050 10,382 Total assets $ 710,692 $ 725,524 Liabilities and equity Debt $ 471,915 $ 470,573 Other liabilities 23,996 18,557 Equity CubeSmart 60,966 66,446 Joint venture partners 153,815 169,948 Total liabilities and equity $ 710,692 $ 725,524
Summary of results of operations of the ventures	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Total revenues $ 25,395 $ 25,519 $ 74,821 $ 74,139 Operating expenses (10,362) (10,642) (31,277) (31,707) Other expenses (99) 27 (316) (221) Interest expense, net (7,399) (4,276) (18,633) (12,785) Depreciation and amortization (7,283) (7,611) (22,223) (23,058) Net income $ 252 $ 3,017 $ 2,372 $ 6,368 Company’s share of net income $ 418 $ 1,141 $ 1,688 $ 4,482

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
OTHER ASSETS (Tables)	Sep. 30, 2024
Other Assets, Unclassified [Abstract]
Schedule of other assets	September 30, December 31, 2024 2023 (in thousands) Intangible assets, net of accumulated amortization of $2,220 and $164, respectively $ 617 $ 1,806 Accounts receivable, net 9,859 8,944 Prepaid property taxes 9,035 8,171 Prepaid insurance 7,633 4,879 Amounts due from affiliates (see note 15) 19,243 18,045 Assets related to deferred compensation arrangements 64,450 60,038 Right-of-use assets - operating leases 49,682 50,476 Ground lease receivable 6,234 6,193 Other 7,420 4,732 Total other assets, net $ 174,173 $ 163,284

UNSECURED SENIOR NOTES (Tables)

UNSECURED SENIOR NOTES (Tables)	9 Months Ended
UNSECURED SENIOR NOTES (Tables)	Sep. 30, 2024
Senior Notes
Summary of debt	September 30, December 31, Effective Issuance Maturity Unsecured Senior Notes 2024 2023 Interest Rate Date Date (in thousands) $300M 4.000% Guaranteed Notes due 2025 (1) $ 300,000 $ 300,000 3.99 % Various (1) Nov-25 $300M 3.125% Guaranteed Notes due 2026 300,000 300,000 3.18 % Aug-16 Sep-26 $550M 2.250% Guaranteed Notes due 2028 550,000 550,000 2.33 % Nov-21 Dec-28 $350M 4.375% Guaranteed Notes due 2029 350,000 350,000 4.46 % Jan-19 Feb-29 $350M 3.000% Guaranteed Notes due 2030 350,000 350,000 3.04 % Oct-19 Feb-30 $450M 2.000% Guaranteed Notes due 2031 450,000 450,000 2.10 % Oct-20 Feb-31 $500M 2.500% Guaranteed Notes due 2032 500,000 500,000 2.59 % Nov-21 Feb-32 Principal balance outstanding 2,800,000 2,800,000 Less: Discount on issuance of unsecured senior notes, net (8,908) (10,148) Less: Loan procurement costs, net (11,496) (13,362) Total unsecured senior notes, net $ 2,779,596 $ 2,776,490 (1) On April 4, 2017, the Operating Partnership issued $50.0 million of its 4.000% senior notes due 2025, which are part of the same series as the $250.0 million principal amount of the Operating Partnership’s 4.000% senior notes due November 15, 2025 issued on October 26, 2015. The $50.0 million and $250.0 million tranches were priced at 101.343% and 99.735% , respectively, of the principal amount to yield 3.811% and 4.032% , respectively, to maturity. The combined weighted average effective interest rate of the 2025 notes is 3.994% .

MORTGAGE LOANS AND NOTES PAYA_2

MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans	9 Months Ended
MORTGAGE LOANS AND NOTES PAYABLE (Tables) - Mortgage Loans	Sep. 30, 2024
Summary of debt	Carrying Value as of September 30, December 31, Effective Maturity Mortgage Loans and Notes Payable 2024 2023 Interest Rate Date (in thousands) Annapolis I, MD (1) $ — $ 4,703 3.78 % May-24 Brooklyn XV, NY (1) — 14,746 2.15 % May-24 Long Island City IV, NY (1) — 11,946 2.15 % May-24 Long Island City II, NY 17,488 17,834 2.25 % Jul-26 Long Island City III, NY 17,491 17,839 2.25 % Aug-26 Flushing II, NY 54,300 54,300 2.15 % Jul-29 Principal balance outstanding 89,279 121,368 Plus: Unamortized fair value adjustment 6,154 7,689 Less: Loan procurement costs, net (645) (871) Total mortgage loans and notes payable, net $ 94,788 $ 128,186 (1) These mortgage loans were repaid in full in May 2024.
Schedule of the future principal payment requirements on the outstanding mortgage loans and notes payable	The following table represents the future principal payment requirements on the outstanding mortgage loans and notes payable as of September 30, 2024 (in thousands): 2024 $ 240 2025 979 2026 33,760 2027 — 2028 — 2029 54,300 Total principal payments $ 89,279

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Sep. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in accumulated other comprehensive loss by component	Accumulated other comprehensive loss represents unrealized losses on interest rate swaps (see note 11). The following table summarizes the changes in accumulated other comprehensive loss for the nine months ended September 30, 2024 (in thousands). September 30, 2024 (in thousands) Beginning balance at December 31, 2023 $ (413) Reclassification of realized losses on interest rate swaps (1) 60 Ending balance at September 30, 2024 (353) Less: portion included in noncontrolling interests in the Operating Partnership 2 Total accumulated other comprehensive loss included in equity $ (351) (1) See note 11 for additional information about the effects of the amounts reclassified.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value	September 30, 2024 December 31, 2023 (in thousands) Carrying value $ 2,874,384 $ 2,922,776 Fair value 2,671,554 2,631,221

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
NONCONTROLLING INTERESTS (Tables)	Sep. 30, 2024
NONCONTROLLING INTERESTS
Schedule of noncontrolling interests in subsidiaries	CubeSmart September 30, 2024 Number Ownership Total Total Related Party Consolidated Joint Ventures of Stores Interest Assets Liabilities Loans (1) (in thousands) New Rochelle Investors, LLC ("New Rochelle") 1 70% $ 27,811 $ 4,511 $ 3,540 1074 Raritan Road, LLC ("Clark") 1 90% 15,357 9,723 9,489 350 Main Street, LLC ("Port Chester") 1 90% 6,616 404 — Astoria Investors, LLC ("Astoria") 1 70% 45,499 31,483 29,319 CS Lock Up Anoka, LLC ("Anoka") 1 50% 9,923 5,635 5,540 CS Valley Forge Village Storage, LLC ("VFV") 1 70% 18,728 14,880 14,792 CS Vienna, LLC ("Vienna") 1 80% 30,177 35,337 34,875 SH3, LLC ("SH3") 1 90% 35,911 280 — 8 $ 190,022 $ 102,253 $ 97,555 (1) Related party loans represent amounts payable from the joint venture to the Company and are included in total liabilities within the table above. The loans and related party interest have been eliminated for consolidation purposes.

EARNINGS PER SHARE AND UNIT A_2

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2024
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL
Summary of the elements used in calculating basic and diluted earnings per common share	Earnings per share and shareholders’ equity The following is a summary of the elements used in calculating basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars and units in thousands, except per share amounts) Net income $ 100,950 $ 103,073 $ 289,994 $ 299,298 Net income attributable to noncontrolling interests in the Operating Partnership (551) (640) (1,616) (1,870) Net loss attributable to noncontrolling interests in subsidiaries 398 212 910 662 Net income attributable to the Company's common shareholders $ 100,797 $ 102,645 $ 289,288 $ 298,090 Weighted average basic shares outstanding 226,166 225,467 225,941 225,380 Share options and restricted share units 983 743 864 826 Weighted average diluted shares outstanding (1) 227,149 226,210 226,805 226,206 Basic earnings per share attributable to common shareholders $ 0.45 $ 0.46 $ 1.28 $ 1.32 Diluted earnings per share attributable to common shareholders (2) $ 0.44 $ 0.45 $ 1.28 $ 1.32 Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP units owned by third parties were 1.2 million and 1.3 million for the three and nine months ended September 30, 2024, respectively, compared to 1.4 million for both the three and nine months ended September 30, 2023. Earnings per unit and capital The following is a summary of the elements used in calculating basic and diluted earnings per unit: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (dollars and units in thousands, except per unit amounts) Net income $ 100,950 $ 103,073 $ 289,994 $ 299,298 Net loss attributable to noncontrolling interests in subsidiaries 398 212 910 662 Net income attributable to CubeSmart, L.P. $ 101,348 $ 103,285 $ 290,904 $ 299,960 Weighted average basic units outstanding (3) 227,403 226,871 227,203 226,795 Unit options and restricted share units 983 743 864 826 Weighted average diluted units outstanding (1) (3) 228,386 227,614 228,067 227,621 Basic earnings per unit attributable to CubeSmart, L.P. $ 0.45 $ 0.46 $ 1.28 $ 1.32 Diluted earnings per unit attributable to CubeSmart, L.P. (2) $ 0.44 $ 0.45 $ 1.28 $ 1.32 (1) For the three and nine months ended September 30, 2024, the Company declared cash dividends per common share/unit of $0.51 and $1.53 , respectively. For the three and nine months ended September 30, 2023, the Company declared cash dividends per common share/unit of $0.49 and $1.47 , respectively. (2) The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit were 0.7 million for both the three and nine months ended September 30, 2024 as well as both the three and nine months ended September 30, 2023. (3) Prior period amounts have been updated to conform to current year presentation.
Summary of OP units outstanding	As of September 30, 2024 2023 Outstanding OP Units owned by third parties 1,232,205 1,360,549 Outstanding OP Units owned by the General Partner 226,002,624 224,859,021

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details)	9 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS (Details)	Sep. 30, 2024 state segment
Number of states in which self-storage facilities are located \| state	24
Number of reportable segments \| segment	1
Common stock, conversion ratio	1
Cubesmart
Percentage of the entity's partnership interest in Operating Partnership	99.50%

STORAGE PROPERTIES - Summary (D

STORAGE PROPERTIES - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
STORAGE FACILITIES
Storage properties	$ 7,422,281	$ 7,367,613
Less: Accumulated depreciation	(1,544,603)	(1,416,377)
Storage properties, net	5,877,678	5,951,236
Land
STORAGE FACILITIES
Storage properties	1,616,167	1,594,742
Buildings and improvements
STORAGE FACILITIES
Storage properties	5,588,497	5,517,544
Equipment
STORAGE FACILITIES
Storage properties	141,048	144,372
Construction in progress
STORAGE FACILITIES
Storage properties	34,624	69,010
Right-of-use assets - finance leases
STORAGE FACILITIES
Storage properties	$ 41,945	$ 41,945

STORAGE PROPERTIES - Activity (

STORAGE PROPERTIES - Activity (Details) $ in Thousands	9 Months Ended	12 Months Ended
STORAGE PROPERTIES - Activity (Details) $ in Thousands	Sep. 30, 2024 USD ($) facility	Dec. 31, 2023 USD ($) facility
2023 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price		$ 22,000
2023 Acquisitions \| New Jersey Asset December 2023
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility		1
Purchase Price		$ 22,000
2024 Acquisitions
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	2
Purchase Price	$ 20,200
2024 Acquisitions \| Connecticut Assets January 2024
STORAGE FACILITIES
Number of Facilities, acquisitions (in properties) \| facility	2
Purchase Price	$ 20,200
2023 Dispositions
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price		$ 8,000
2023 Dispositions \| Illinois Asset December 2023
STORAGE FACILITIES
Number of Facilities, dispositions (in properties) \| facility		1
Sale Price		$ 8,000
LAACO \| 2023 Dispositions
STORAGE FACILITIES
Sale Price		$ 800

INVESTMENT ACTIVITY (Details)

INVESTMENT ACTIVITY (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended	21 Months Ended
INVESTMENT ACTIVITY (Details) $ in Thousands	Aug. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) facility	Sep. 30, 2024 USD ($) facility property
Self storage under construction
Self-storage facilities
Number of self-storage facilities \| facility		2		2			2
Development costs		$ 18,600		$ 18,600			$ 18,600
Expected construction cost		45,700		$ 45,700			$ 45,700
Self Storage Facilities in New York and New Jersey
Self-storage facilities
Number of stores \| property							2
2024 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired \| facility				2
Aggregate purchase price				$ 20,200
Aggregate acquisition price		22,000		22,000			$ 22,000
Intangible value of the in-place leases		$ 900		$ 900			$ 900
Estimated life		12 months		12 months			12 months
Amortization expense		$ 200		$ 600
Escrow deposit		$ 500		$ 500			$ 500
Number of facilities to be acquired \| facility				2
Purchase Price				$ 20,200
2023 Acquisitions
Self-storage facilities
Number of self-storage facilities acquired \| facility						1
Aggregate purchase price						$ 22,000
Intangible value of the in-place leases						2,000
Estimated life		12 months		12 months			12 months
Amortization expense		$ 500	$ 0	$ 1,500	$ 0
Purchase Price						$ 22,000
2023 Acquisitions \| New Jersey
Self-storage facilities
Number of self-storage facilities acquired \| facility						1
2023 Dispositions
Self-storage facilities
Aggregate sale price						$ 8,000
2023 Dispositions \| LAACO
Self-storage facilities
Aggregate sale price						800
Gain (loss) from sale of real estate	$ (200)
2023 Dispositions \| Illinois
Self-storage facilities
Proceeds from involuntary conversion, net						8,000
Gain on involuntary conversion, net						$ (4,800)
Cubesmart
Self-storage facilities
Ownership interest by Parent		99.50%		99.50%			99.50%

INVESTMENT ACTIVITY - Company's

INVESTMENT ACTIVITY - Company's consolidated balance sheets (Details) $ in Thousands	21 Months Ended
	Sep. 30, 2024 USD ($) property segment
STORAGE FACILITIES
Number of joint ventures \| segment	2
Astoria, NY
STORAGE FACILITIES
Number of stores \| property	1
CubeSmart Ownership Interest	70%
Total Construction Costs \| $	$ 45,900
Clark, NJ
STORAGE FACILITIES
Number of stores \| property	1
CubeSmart Ownership Interest	90%
Total Construction Costs \| $	$ 15,900
NY and NJ
STORAGE FACILITIES
Number of stores \| property	2
Total Construction Costs \| $	$ 61,800

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 30, 2022 USD ($) facility	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 09, 2021 facility
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 92,161		$ 92,161		$ 98,288
Acquisitions of storage facilities				20,597
Investments in real estate ventures				(316)	$ (16)
Credit facility, outstanding						18,100
Principal amount of debt		2,800,000		2,800,000		2,800,000
Total liabilities		3,319,783		3,319,783		3,344,212
ASSETS
Storage facilities, net		5,877,678		5,877,678		5,951,236
Total assets		6,192,415		6,192,415		6,225,020
Equity
CubeSmart		2,785,508		2,785,508		2,798,828
Joint venture partners		20,794		20,794		21,704
Total liabilities and equity		6,192,415		6,192,415		6,225,020
Total revenues		270,890	$ 267,876	798,505	785,209
Net income		100,950	103,073	289,994	299,298
Company's share of net income (loss)		418	1,141	$ 1,688	4,482
HVPSE
Investment in Unconsolidated Real Estate Venture
Ownership interest held by the entity (as a percent)				10%
Number of assets sold \| facility	14
Aggregate amount of sale price of real estate property	$ 235,000
Proceeds from venture related to real estate contribution					1,700
ASSETS
Total assets		0		$ 0
Ventures
ASSETS
Storage facilities, net		689,642		689,642		715,142
Other assets		21,050		21,050		10,382
Total assets		710,692		710,692		725,524
LIABILITIES AND CAPITAL
Debt		471,915		471,915		470,573
Other liabilities		23,996		23,996		18,557
Equity
CubeSmart		60,966		60,966		66,446
Joint venture partners		153,815		153,815		169,948
Total liabilities and equity		710,692		710,692		725,524
Total revenues		25,395	25,519	74,821	74,139
Operating expenses		(10,362)	(10,642)	(31,277)	(31,707)
Other income (expenses)		(99)	27	(316)	(221)
Interest expense, net		(7,399)	(4,276)	(18,633)	(12,785)
Depreciation and amortization		(7,283)	(7,611)	(22,223)	(23,058)
Net income		252	3,017	2,372	6,368
Ventures
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 92,161		$ 92,161		$ 98,288
Number of storage facilities owned by investee \| property		77		77		77
Equity
Company's share of net income (loss)		$ 418	$ 1,141	$ 1,688	$ 4,482
Fontana
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 13,305		$ 13,305		$ 13,575
Ownership interest in partnership (as a percent)		50%		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 12,500		$ 12,500
Number of storage facilities owned by investee		1		1		1	1
RCSS
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 20,249		$ 20,249		$ 20,679
Ownership interest in partnership (as a percent)		50%		50%			50%
Equity method investment, difference between carrying amount and underlying equity		$ 18,700		$ 18,700
Number of storage facilities owned by investee \| property		1		1		1
HVP V
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 11,587		$ 11,587		$ 12,759
Ownership interest in partnership (as a percent)		20%		20%
Number of storage facilities owned by investee \| property		6		6		6
HVP IV
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 15,083		$ 15,083		$ 17,085
Ownership interest in partnership (as a percent)		20%		20%
Number of storage facilities owned by investee \| property		28		28		28
HHFNE
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 820		$ 820		$ 951
Ownership interest in partnership (as a percent)		10%		10%
Number of storage facilities owned by investee \| property		13		13		13
HHF
Investment in Unconsolidated Real Estate Venture
Investment in real estate entities		$ 31,117		$ 31,117		$ 33,239
Ownership interest in partnership (as a percent)		50%		50%
Number of storage facilities owned by investee \| property		28		28		28

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets
Intangible assets, net of accumulated amortization of $1,511 and $164, respectively	$ 617	$ 1,806
Accounts receivable, net	9,859	8,944
Prepaid property taxes	9,035	8,171
Prepaid insurance	7,633	4,879
Amounts due from affiliates (see note 15)	19,243	18,045
Assets related to deferred compensation arrangements	64,450	60,038
Right-of-use assets - operating leases	49,682	50,476
Ground lease receivable	6,234	6,193
Other	7,420	4,732
Total	174,173	163,284
Accumulated amortization	$ 2,220	$ 164

UNSECURED SENIOR NOTES (Details

UNSECURED SENIOR NOTES (Details) $ in Thousands			9 Months Ended
UNSECURED SENIOR NOTES (Details) $ in Thousands	Apr. 04, 2017 USD ($)	Oct. 26, 2015 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 24, 2019 USD ($)
Mortgage loans and Notes payable
Senior notes, principal amount			$ 2,800,000	$ 2,800,000
Total unsecured senior notes, net			2,779,596	2,776,490
CubeSmart, L.P. and Subsidiaries
Mortgage loans and Notes payable
Total unsecured senior notes, net			2,779,596	2,776,490
Senior Notes
Mortgage loans and Notes payable
Less: Discount on issuance of notes, net			(8,908)	(10,148)
Less: Loan procurement costs, net			(11,496)	(13,362)
Total unsecured senior notes, net			$ 2,779,596	2,776,490
Senior Notes \| Maximum
Mortgage loans and Notes payable
Consolidated leverage ratio			0.60
Secured debt leverage ratio			0.40
Senior Notes \| Minimum
Mortgage loans and Notes payable
Consolidated interest coverage ratio			1.50
Financial and customary covenant, minimum unencumbered asset (as a percent)			150%
Senior notes 4.000% due 2025
Mortgage loans and Notes payable
Senior notes, principal amount	$ 50,000	$ 250,000	$ 300,000	300,000
Interest rate (as a percent)	4%	4%	4%
Effective interest rate (as a percent)	3.811%	4.032%	3.99%
Effective weighted average interest rate (as a percent)			3.994%
Proceeds from senior notes	$ 50,000	$ 250,000
Debt instrument, redemption percentage	101.343%	99.735%
Senior Notes 3.125% Due 2026
Mortgage loans and Notes payable
Senior notes, principal amount			$ 300,000	300,000
Interest rate (as a percent)			3.125%
Effective interest rate (as a percent)			3.18%
Senior Notes 2.250 % Due 2028
Mortgage loans and Notes payable
Senior notes, principal amount			$ 550,000	550,000
Interest rate (as a percent)			2.25%
Effective interest rate (as a percent)			2.33%
Senior Notes 4.375 % Due 2029
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000	$ 300,000
Interest rate (as a percent)			4.375%		4.375%
Effective interest rate (as a percent)			4.46%
Senior Notes 3.000 % Due 2030
Mortgage loans and Notes payable
Senior notes, principal amount			$ 350,000	350,000
Interest rate (as a percent)			3%
Effective interest rate (as a percent)			3.04%
Senior Notes 2.000 % Due 2031
Mortgage loans and Notes payable
Senior notes, principal amount			$ 450,000	450,000
Interest rate (as a percent)			2%
Effective interest rate (as a percent)			2.10%
Senior Notes 2.500 % Due 2032
Mortgage loans and Notes payable
Senior notes, principal amount			$ 500,000	$ 500,000
Interest rate (as a percent)			2.50%
Effective interest rate (as a percent)			2.59%

REVOLVING CREDIT FACILITY (Deta

REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Millions	9 Months Ended
REVOLVING CREDIT FACILITY (Details) - USD ($) $ in Millions	Sep. 30, 2024	Oct. 26, 2022
Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Effective weighted average interest rate (as a percent)	5.99%
Remaining borrowing capacity	$ 849.4
Outstanding letter of credit	$ 0.6
Credit Facility \| Minimum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Fixed charge coverage ratio	1.5
Credit Facility \| Maximum
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Total indebtedness to total asset value ratio (as a percent)	60%
Credit Facility \| Revolver
SECURED CREDIT FACILITY, UNSECURED CREDIT FACILITY AND SECURED TERM LOANS
Maximum borrowing capacity		$ 850
Interest rate, basis spread (as a percent)	0.775%
Facility fee (as a percent)	0.15%
Facility fee, adjustment (as a percent)	0.10%

MORTGAGE LOANS AND NOTES PAYA_3

MORTGAGE LOANS AND NOTES PAYABLE - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Mortgage loans and Notes payable
Total mortgage loans and notes payable	$ 94,788	$ 128,186
Net book value of self-storage facilities	5,877,678	5,951,236
Mortgage Loans
Mortgage loans and Notes payable
Carrying value	89,279	121,368
Plus: Unamortized fair value adjustment	6,154	7,689
Less: Loan procurement costs, net	(645)	(871)
Total mortgage loans and notes payable	94,788	128,186
Net book value of self-storage facilities	$ 234,000	356,100
Annapolis I, MD \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value		4,703
Effective interest rate (as a percent)	3.78%
Brooklyn XV, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value		14,746
Effective interest rate (as a percent)	2.15%
Long Island City IV, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value		11,946
Effective interest rate (as a percent)	2.15%
Long Island City II, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 17,488	17,834
Effective interest rate (as a percent)	2.25%
Long Island City III, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 17,491	17,839
Effective interest rate (as a percent)	2.25%
Flushing II, NY \| Mortgage Loans
Mortgage loans and Notes payable
Carrying value	$ 54,300	$ 54,300
Effective interest rate (as a percent)	2.15%

MORTGAGE LOANS AND NOTES PAYA_4

MORTGAGE LOANS AND NOTES PAYABLE - Future Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
Total mortgage loans and notes payable, net	$ 94,788	$ 128,186
Mortgage Loans
Future principal payment requirements on the outstanding mortgage loans and notes payable at year end
2024	240
2025	979
2026	33,760
2029	54,300
Total mortgage payments	89,279	121,368
Plus: Unamortized fair value adjustment	6,154	7,689
Less: Loan procurement costs, net	(645)	(871)
Total mortgage loans and notes payable, net	$ 94,788	$ 128,186

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in accumulated other comprehensive income by component
Balance	$ 2,791,416	$ 2,815,634	$ 2,820,532	$ 2,840,381
Reclassification of realized losses on interest rate swaps	20	20	60	60
Balance	2,806,302	2,821,266	2,806,302	2,821,266
Unrealized losses on interest rate swaps
Changes in accumulated other comprehensive income by component
Reclassification of realized losses on interest rate swaps			60
AOCI Including Portion Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance			(413)
Balance	(353)		(353)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income by component
Balance	(371)	(451)	(411)	(491)
Balance	(351)	$ (431)	(351)	$ (431)
AOCI Attributable to Noncontrolling Interest
Changes in accumulated other comprehensive income by component
Balance	$ 2		$ 2

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 24, 2019	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 24, 2018
Derivative financial instruments
Senior notes, principal amount		$ 2,800,000	$ 2,800,000	$ 2,800,000
Unrealized losses from accumulated other comprehensive loss as an increase to interest expense		20	60
Increase to interest expense			100
Interest rate swap
Derivative financial instruments
Notional Amount					$ 150,000
Accumulated other comprehensive loss	$ 800
Senior Notes 4.375 % Due 2029
Derivative financial instruments
Senior notes, principal amount	$ 300,000	$ 350,000	$ 350,000	$ 350,000
Interest rate (as a percent)	4.375%	4.375%	4.375%
Designated as an accounting hedge \| Cash flow
Derivative financial instruments
Settlement of hedge transactions	$ 800

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Level 2 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value of financial assets and liabilities carried at fair value
Carrying value	$ 2,874,384	$ 2,922,776
Fair value	$ 2,671,554	$ 2,631,221

NONCONTROLLING INTERESTS - Inte

NONCONTROLLING INTERESTS - Interests in Consolidated Real Estate Joint Ventures (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) facility	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Total assets	$ 6,192,415	$ 6,225,020
Total liabilities	$ 3,319,783	$ 3,344,212
VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	8
Total assets	$ 190,022
Total liabilities	102,253
Related Party Loans	$ 97,555
New Rochelle Investors LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	70%
Total assets	$ 27,811
Total liabilities	4,511
Related Party Loans	$ 3,540
1074 Raritan Road, LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	90%
Total assets	$ 15,357
Total liabilities	9,723
Related Party Loans	$ 9,489
350 Main Street, LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	90%
Total assets	$ 6,616
Total liabilities	$ 404
Astoria Investors, LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	70%
Total assets	$ 45,499
Total liabilities	31,483
Related Party Loans	$ 29,319
CS Vienna LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	80%
Total assets	$ 30,177
Total liabilities	35,337
Related Party Loans	$ 34,875
CS Valley Forge Village Storage LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	70%
Total assets	$ 18,728
Total liabilities	14,880
Related Party Loans	$ 14,792
SH3, LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	90%
Total assets	$ 35,911
Total liabilities	$ 280
C S Lock Up Anoka LLC \| VIE
Variable Interest Entity [Line Items]
Number of Stores \| facility	1
CubeSmart Ownership Interest	50%
Total assets	$ 9,923
Total liabilities	5,635
Related Party Loans	$ 5,540

NONCONTROLLING INTERESTS - Oper

NONCONTROLLING INTERESTS - Operating Partnership Ownership (Details) - CubeSmart, L.P. and Subsidiaries - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Operating Partnership Ownership
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,232,205	1,300,462	1,360,549
Redemption value of OP units owned by third parties	$ 66,300
Issuance of OP Shares	$ 32,768

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Insurance Recovery (Details) $ in Millions	Sep. 30, 2024 USD ($) facility
COMMITMENTS AND CONTINGENCIES
Number of self-storage units under development \| facility	2
Future milestone payments \| $	$ 27.8

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Amounts due from affiliates (see note 15)	$ 19,243		$ 19,243		$ 18,045
Acquisition fees	0	$ 0	0	$ 0
Related party lease agreements
RELATED PARTY TRANSACTIONS
Ground lease income	100	100	300	300
Joint ventures related to affiliated real estate investments
RELATED PARTY TRANSACTIONS
Management fees	1,200	$ 1,200	3,600	$ 3,600
Amounts due from affiliates (see note 15)	19,200		19,200		18,000
Mortgage loans receivable from consolidated joint ventures	$ 97,600		$ 97,600		$ 86,300

EARNINGS PER SHARE AND UNIT A_3

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Earnings Per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Basic and diluted earnings per common share
Net income	$ 100,950			$ 103,073			$ 289,994	$ 299,298
Net income attributable to noncontrolling interests in the Operating Partnership	(551)			(640)			(1,616)	(1,870)
Net loss attributable to noncontrolling interests in subsidiaries	398			212			910	662
NET INCOME ATTRIBUTABLE TO THE COMPANY	$ 100,797			$ 102,645			$ 289,288	$ 298,090
Weighted average basic shares outstanding (in shares)	226,166,000			225,467,000			225,941,000	225,380,000
Share options and restricted share units (in shares)	983,000			743,000			864,000	826,000
Weighted-average diluted shares outstanding (in shares)	227,149,000			226,210,000			226,805,000	226,206,000
Basic earnings per share attributable to common shareholders (in dollars per share)	$ 0.45			$ 0.46			$ 1.28	$ 1.32
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44			$ 0.45			$ 1.28	$ 1.32
Basic and diluted earnings per common unit
Weighted average basic shares outstanding (in shares)	226,166,000			225,467,000			225,941,000	225,380,000
Share options and restricted share units (in shares)	983,000			743,000			864,000	826,000
Weighted-average diluted shares outstanding (in shares)	227,149,000			226,210,000			226,805,000	226,206,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44			$ 0.45			$ 1.28	$ 1.32
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	700,000			700,000			700,000	700,000
Common stock, cash dividends declared (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.49	$ 0.49	$ 0.49	$ 1.53	$ 1.47
Operating Partnership [Member]
Basic and diluted earnings per common unit
Potentially dilutive shares not included in the earnings per share calculation as their effect is antidilutive (in shares)	1,200,000			1,400,000			1,300,000	1,400,000
CubeSmart, L.P. and Subsidiaries
Basic and diluted earnings per common share
Net income							$ 289,994	$ 299,298
Weighted average basic shares outstanding (in shares)	227,403,000			226,871,000			227,203,000	226,795,000
Share options and restricted share units (in shares)	983,000			743,000			864,000	826,000
Weighted-average diluted shares outstanding (in shares)	228,386,000			227,614,000			228,067,000	227,621,000
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44			$ 0.45			$ 1.28	$ 1.32
Basic and diluted earnings per common unit
Net Income	$ 100,950			$ 103,073			$ 289,994	$ 299,298
Net loss attributable to noncontrolling interests in subsidiaries	398			212			910	662
Net income attributable to CubeSmart L.P.	$ 101,348			$ 103,285			$ 290,904	$ 299,960
Weighted average basic shares outstanding (in shares)	227,403,000			226,871,000			227,203,000	226,795,000
Share options and restricted share units (in shares)	983,000			743,000			864,000	826,000
Weighted-average diluted shares outstanding (in shares)	228,386,000			227,614,000			228,067,000	227,621,000
Basic earnings per unit attributable to common unitholders (in dollars per share)	$ 0.45			$ 0.46			$ 1.28	$ 1.32
Diluted earnings per share attributable to common shareholders (in dollars per share)	$ 0.44			$ 0.45			$ 1.28	$ 1.32
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,232,205			1,360,549			1,232,205	1,360,549	1,300,462

EARNINGS PER SHARE AND UNIT A_4

EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL - Summary of OP and Common Units (Details) - shares	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
CubeSmart, L.P. and Subsidiaries
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding units of noncontrolling interest in the Operating Partnership (in shares)	1,232,205	1,300,462	1,360,549